According to a Bloomberg report on Thursday, Blockchain Capital, a prominent cryptocurrency venture capital firm, is in the process of raising $700 million for the launch of two new funds. These funds, which include the company's seventh early-stage fund and its second growth fund, are anticipated to be finalized within the next five to six months, as stated by a source familiar with the matter. Despite being contacted, the firm did not provide a comment to CoinDesk. Blockchain Capital, co-founded by Bart Stephens and Brad Stephens, has a history of investing in the crypto space, with notable companies such as Coinbase, Circle, and Tether in its investment portfolio.
The company's previous major fundraising effort took place in 2023, when it secured $580 million for its sixth early-stage fund and a late-stage fund. The firm's investor base primarily consists of traditional financial institutions, including university endowments, sovereign wealth funds, and U.S.
pension plans, with the company currently managing $2 billion in fee-bearing assets and a total portfolio valued at over $6 billion.